We met EM real money investors in the US last week. In general, trends weresimilar to what we saw in Europe a few weeks back. Underweight positioningin Asia continues with a lot of interest in the local bid and frustrationsurrounding lack of 144A deals. Interestingly, some are looking to increasetheir Asia exposure as a way to turn more defensive into year-end after astrong year for EM credit.。    IG corps and financials。    Almost everyone is involved with the China SOE trade on the back of sovereigndeal and not taking profits yet despite the strong performance. India is theother consensus trade and even though investors agreed that it is expensivenow, there was little interest in selling. We have highlighted before that Indiancorps and banks now trade almost flat to Korea despite the 6-7notches lowerrating. However, there is no willingness to cover the Korea underweight givenheadline risk. Separately, the recent recapitalization of Indian banks wastopical. Amongst wider trading BBBs we like, many are already long Bharti andfew own bank T2s, but no one has Global Logistic Properties. As for PaitonEnergy, views are mixed on whether it can trade flat to PLN (we believe itshould).。    Sovereigns。    Mongolia is a consensus Overweight now. Though Sri Lanka is not asconsensus, views there are not negative as ours. r Amongst mainstreameconomies, quite a few have zero exposure to Philippines, albeit Indonesia andits quasis are still in favor. No major push back to our thesis of furtherconvergence between Indonesia and Philippines spreads. Limiteddifferentiation being made within the Indo quasis (we dislike PLN).。    HY corps。    Despite our view of better value in select single Bs, investors are overall happyto stick to quality, sleep-at-night BBs even at tight valuations. This is trueacross sectors - China property, India HY and Indo HY. Having said this,investors own some single Bs like Vedanta, Indika and the lower beta ones inChina property. We fielded many questions on future supply and 364daybonds from China, but almost none on the industrials space there. Separately,in the distressed space, Noble drew the most attention, though we sense thisis more out of curiosity than actual involvement.。    Please reach out to us for a more detailed discussion.。

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。